GREENSOLE FOOTWEAR PRIVATE LIMITED

Business Overview

• Greensole Footwear Pvt Ltd is a Udaipur (Rajasthan)-registered, Navi Mumbai-operated manufacturer of sustainable/recycled footwear, trading as "GreenSole", brand site greensole.com; corporate/CSR arm at greensolefoundation.in.
• Co-founded by Shriyans Bhandari and Ramesh Dhami, the company makes eco-friendly shoes, sneakers, slip-ons, loafers, sandals, school shoes, from recycled materials, positioned as a social-enterprise/sustainability brand, "shop guilt-free".
• DPIIT-recognized startup.
• Principal operating address per its live GST registration: Plot No.
• A-460, TTC Industrial Area, MIDC, Mahape, Navi Mumbai, Maharashtra 400710, with 10 additional warehouse/depot locations across Maharashtra, Pune x2, Thane/Bhiwandi x7, Nagpur x1, — indicating the business's operational center of gravity is Maharashtra even though its registered office/RoC is Rajasthan., Sources: greensole.com, ClearTax compliance API, Falconebiz

Sector & Classification

NIC/Business activity: "Manufacture of footwear" (Falconebiz); Tofler additionally tags "Manufacturing of Leather Products / Wholesale of Footwear". DPIIT Startup-recognized (per TheCompanyCheck).

Directors & Key Management

GST Registrations

Primary confirmed GSTIN: 27AAFCG9757J1ZY (Maharashtra) — Legal name "GREENSOLE FOOTWEAR PRIVATE LIMITED", Regular taxpayer, registered 01 Jul 2017, Status Active, quarterly filer, principal place of business Plot A-460, TTC Industrial Area, MIDC, Mahape, Navi Mumbai 400710, plus 10 additional warehouse addresses in Maharashtra. Home state for GST purposes appears to be Maharashtra (confirmed via ClearTax compliance API and cross-checked against the greensole.com site listing, both giving PAN AAFCG9757J which matches the RoC-verified PAN). Number of total registrations across all states: not obtained (attempts to query PAN-level GSTIN listings on knowyourgst/mastersindia/findgst returned 404/500; only the Maharashtra GSTIN could be confirmed — a Rajasthan GSTIN likely also exists given the RoC-Rajasthan registered office, but its number could not be located). GSTR filing punctuality/AATO slab: not obtained (requires captcha-gated per-GSTIN portal, per known blocker).

Financials

• Latest figures, standalone, unaudited-vs-audited not specified by source:
• FY2025, year ended 31 Mar 2025: Revenue ₹4.08 Cr, down ~18% YoY, Source: TheCompanyCheck, partial — EBITDA/PAT locked behind premium tier
• FY2023, year ended 31 Mar 2023: Revenue growth +38.97% YoY, EBITDA +38.96% YoY, PAT +35.86% YoY, Net worth +31.15% YoY, Borrowings flat, Total assets +18.22% YoY
• Absolute figures locked behind Tofler Pro, only operating-revenue band disclosed as "₹1 Cr – ₹100 Cr", Source: Tofler, partial
• No absolute EBITDA/PAT/net-worth/borrowings figures obtained for any year from free-tier sources — flagged data gap.
• Charges: TheCompanyCheck states the company "does not have any charges (loans) registered with the Registrar of Companies" — i.e., no open charges, does not rule out historical satisfied charges.

Funding History

• Not obtained.
• No funding-round records found on Tracxn/Crunchbase, pages 404/403, and org's WebSearch budget was exhausted this session so broader press-coverage search for seed/angel rounds could not be run.
• The very small paid-up capital (₹1.55 Lakh) and all-founder/director shareholder structure are consistent with a bootstrapped social enterprise rather than one that has raised priced VC rounds, but this is an inference, not a confirmed absence of funding.

Shareholding

• Not obtained in percentage/share-count form.
• All 4 directors, Shriyans Bhandari, Ramesh Shipe Dhami, Nitesh Naresh Bhasin, Rishi Suresh Bhasin, are tagged as shareholders by Tofler, implying a closely-held founder/promoter cap table, but no source disclosed the actual shareholding percentages or share classes (paywalled).

Loans & Charges

• No open charges registered with RoC per TheCompanyCheck, "does not have any charges (loans) registered with the Registrar of Companies".
• Historical/satisfied charges not checked, per known caveat that "no charges" typically means no open charges, not none ever.

Related Parties

• Not obtained — paywalled on all three aggregators, Tofler/Falconebiz/TheCompanyCheck marked this "requires premium access" or simply omitted it.
• The corporate/foundation entity "GreenSole Foundation", greensolefoundation.in, reached via the greensole.co.in redirect, appears to be a linked non-profit/CSR-facing brand presence but no documentary link, shared directors/CIN, to this Pvt Ltd company was independently confirmed — flagged as an unresolved possible-affiliate, not stated as fact.

Credit Ratings

• Not obtained / none found. No CRISIL, ICRA, or CARE rating located for this entity, CRISIL Ratings site search returned no result. Consistent with a company of this small scale not carrying a public bank-facility rating.

Competitive Landscape

• Named peers in the sustainable/recycled-footwear and social-enterprise footwear space, rough scale tags, all approximate/inferred, not sourced from a single ranking:
• 1. Paaduks, India, eco-friendly footwear brand, — small/early-stage
• 2. Neeman's, India, sustainable sneakers, D2C, — mid-scale, VC-funded, larger revenue than Greensole
• 3. Bombay Native, India, sustainable footwear/lifestyle, — small-to-mid
• 4. Thaely, India, footwear made from recycled plastic, — small/early-stage
• 5. Okhai/Toms-style social-enterprise footwear players, global comparator, Toms Shoes, — large, for positioning only
• 6. World Vision/Soles4Souls-style shoe-donation NGOs, comparator for the CSR/donation angle of Greensole's model, not a direct commercial competitor
• Note: this list is compiled from general market knowledge of the Indian sustainable-footwear space, not verified against a live competitor database — treat as indicative.

Frequently Asked Questions